U.S. provider of software for the life sciences industry
Veeva Systems Inc., headquartered in Pleasanton, California, provides cloud computing software, data, and consulting services for the life sciences industry. Its products are used to track all aspects of drug development and pharmaceutical manufacturing. The company has 1,552 customers including Bayer, Boehringer Ingelheim, Eli Lilly and Company, Gilead Sciences, Merck & Co., Novartis, Alkermes plc, Alnylam Pharmaceuticals, bluebird bio, and Idorsia.3 It was founded by Peter Gassner.1Wikipedia text CC BY-SA 4.0
Veeva Systems Inc., headquartered in Pleasanton, California, provides cloud computing software, data, and consulting services for the life sciences industry. Its products are used to track all aspects of drug development and pharmaceutical manufacturing.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Subscription Services Veeva Research And Development and Quality Solutions brought in 45% of the revenue Veeva Systems broke down this way in fiscal 2026.
Subscription Services Veeva Research And Development and Quality Solutions$1.4B645%up 21% from 2025
Subscription Services Veeva Commercial Cloud$1.3B639%up 14% from 2025
Professional Services Veeva Research And Development and Quality Solutions$321.8M610%up 16% from 2025
Professional Services Veeva Commercial Cloud$189.3M66%up 2% from 2025
Products and services by year
Products and services
2024
2025
2026
Subscription Services Veeva Research And Development and Quality Solutions
$905.8M
$1.2B
$1.4B
Subscription Services Veeva Commercial Cloud
$995.8M
$1.1B
$1.3B
Professional Services Veeva Research And Development and Quality Solutions
$276.1M
$276.7M
$321.8M
Professional Services Veeva Commercial Cloud
$186.0M
$185.3M
$189.3M
Regions
North America brought in 60% of the revenue Veeva Systems broke down this way in fiscal 2026.
Revenue9101112136$3.2B in 2026+271% since 2019Gross profit9101112136$2.4B in 2026+291% since 2019Operating income9101112136$916.4M in 2026+311% since 2019Net income9101112136$908.9M in 2026+295% since 2019
Revenue1415$928.0M in Q2 FY2026+5% since Q1 FY2026Gross profit1415$696.0M in Q2 FY2026+5% since Q1 FY2026Operating income1415$275.0M in Q2 FY2026+1% since Q1 FY2026Net income1415$273.4M in Q2 FY2026+5% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-01-31
2025-01-31
2024-01-31
Total revenues
$3.2B
$2.7B
$2.4B
Total cost of revenues
$782.0M
$699.6M
$677.3M
Gross profit
$2.4B
$2.0B
$1.7B
Research and development
$767.4M
$693.1M
$629.0M
Sales and marketing
$428.8M
$396.7M
$381.5M
General and administrative
$300.7M
$265.7M
$246.5M
Total operating expenses
$1.5B
$1.4B
$1.3B
Operating income
$916.4M
$691.4M
$429.3M
Other income, net
$278.1M
$227.9M
$158.7M
Income before income taxes
$1.2B
$919.4M
$588.0M
Income tax provision
$285.6M
$205.2M
$62.3M
Net income
$908.9M
$714.1M
$525.7M
Basic (in usd per share)
$5.55
$4.41
$3.27
Diluted (in usd per share)
$5.44
$4.32
$3.22
Basic (in shares)
163.7M shares
161.9M shares
160.5M shares
Diluted (in shares)
167.0M shares
165.2M shares
163.5M shares
Net change in unrealized gain on available-for-sale investments
$17.4M
$4.1M
$22.0M
Net change in cumulative foreign currency translation loss
-$786.0K
-$1.9M
-$1.5M
Comprehensive income
$925.5M
$716.4M
$546.2M
Total stock-based compensation
$472.7M
$437.4M
$393.7M
No quarter-by-quarter statement was filed.
Total assets169101112136$9.0B in 2026+443% since 2019Total liabilities169101112136$1.8B in 2026+324% since 2019Shareholders’ equity101112136$7.2B in 2026+483% since 2019Cash9101112136$1.4B in 2026+158% since 2019
Total assets1415$9.1B in Q2 FY2026+1% since Q1 FY2026Total liabilities1415$1.6B in Q2 FY2026−8% since Q1 FY2026Shareholders’ equity1415$7.4B in Q2 FY2026+3% since Q1 FY2026Cash1415$1.8B in Q2 FY2026+27% since Q1 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
Cash and cash equivalents
$1.4B
$1.1B
$703.5M
Short-term investments
$5.1B
$4.0B
Accounts receivable, net of allowance for credit losses of $256 and $57, respectively
$1.3B
$1.0B
Unbilled accounts receivable
$50.6M
$40.8M
Prepaid expenses and other current assets
$126.5M
$101.5M
Total current assets
$8.0B
$6.3B
Property and equipment, net
$70.3M
$55.9M
Deferred costs, net
$30.0M
$26.4M
Lease right-of-use assets
$75.6M
$63.9M
Goodwill
$439.9M
$439.9M
Intangible assets, net
$30.3M
$44.5M
Deferred income taxes
$273.4M
$343.9M
Other long-term assets
$62.3M
$56.5M
Total assets
$9.0B
$7.3B
Accounts payable
$37.6M
$30.4M
Accrued compensation and benefits
$45.9M
$39.4M
Accrued expenses and other current liabilities
$45.9M
$35.6M
Income tax payable
$6.7M
$9.0M
Deferred revenue
$1.5B
$1.3B
Lease liabilities
$12.2M
$10.0M
Total current liabilities
$1.6B
$1.4B
Deferred income taxes
$558.0K
$587.0K
Long-term lease liabilities
$83.7M
$65.8M
Other long-term liabilities
$43.3M
$42.6M
Total liabilities
$1.8B
$1.5B
Common stock
$2.0K
$2.0K
Additional paid-in capital
$2.8B
$2.4B
Accumulated other comprehensive income (loss)
$8.2M
-$8.4M
Retained earnings
$4.4B
$3.5B
Total stockholders equity
$7.2B
$5.8B
$4.6B
$3.7B
Total liabilities and stockholders equity
$9.0B
$7.3B
Allowance for doubtful accounts
$256.0K
$57.0K
Common stock, par value (in usd per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
800.0M shares
800.0M shares
Common stock, shares issued (in shares)
163.8M shares
162.6M shares
Common stock, shares outstanding (in shares)
163.8M shares
162.6M shares
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
Cash and cash equivalents
$1.4B
$1.1B
$703.5M
Short-term investments
$5.1B
$4.0B
Accounts receivable, net of allowance for credit losses of $256 and $57, respectively
$1.3B
$1.0B
Unbilled accounts receivable
$50.6M
$40.8M
Prepaid expenses and other current assets
$126.5M
$101.5M
Total current assets
$8.0B
$6.3B
Property and equipment, net
$70.3M
$55.9M
Deferred costs, net
$30.0M
$26.4M
Lease right-of-use assets
$75.6M
$63.9M
Goodwill
$439.9M
$439.9M
Intangible assets, net
$30.3M
$44.5M
Deferred income taxes
$273.4M
$343.9M
Other long-term assets
$62.3M
$56.5M
Total assets
$9.0B
$7.3B
Accounts payable
$37.6M
$30.4M
Accrued compensation and benefits
$45.9M
$39.4M
Accrued expenses and other current liabilities
$45.9M
$35.6M
Income tax payable
$6.7M
$9.0M
Deferred revenue
$1.5B
$1.3B
Lease liabilities
$12.2M
$10.0M
Total current liabilities
$1.6B
$1.4B
Deferred income taxes
$558.0K
$587.0K
Long-term lease liabilities
$83.7M
$65.8M
Other long-term liabilities
$43.3M
$42.6M
Total liabilities
$1.8B
$1.5B
Common stock
$2.0K
$2.0K
Additional paid-in capital
$2.8B
$2.4B
Accumulated other comprehensive income (loss)
$8.2M
-$8.4M
Retained earnings
$4.4B
$3.5B
Total stockholders equity
$7.2B
$5.8B
$4.6B
$3.7B
Total liabilities and stockholders equity
$9.0B
$7.3B
Allowance for doubtful accounts
$256.0K
$57.0K
Common stock, par value (in usd per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
800.0M shares
800.0M shares
Common stock, shares issued (in shares)
163.8M shares
162.6M shares
Common stock, shares outstanding (in shares)
163.8M shares
162.6M shares
Cash from operations9101112136$1.4B in 2026+355% since 2019Capital spending16$3.1M in 2020−63% since 2019Free cash flow910$434.3M in 2020+44% since 2019Share buybacks6$169.9M in 2026
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-01-31
2025-01-31
2024-01-31
Net income
$908.9M
$714.1M
$525.7M
Depreciation and amortization
$38.0M
$39.4M
$32.6M
Reduction of lease right-of-use assets
$12.5M
$11.5M
$11.7M
Accretion of discount on short-term investments
-$9.7M
-$24.4M
-$26.5M
Stock-based compensation
$472.7M
$437.4M
$393.7M
Amortization of deferred costs
$16.4M
$15.5M
$18.2M
Deferred income taxes
$65.1M
-$112.3M
-$105.4M
Other, net
$3.3M
$1.2M
$471.0K
Accounts receivable
-$244.7M
-$164.6M
-$149.8M
Unbilled accounts receivable
-$9.8M
-$4.4M
$45.8M
Deferred costs
-$20.0M
-$18.0M
-$10.3M
Prepaid expenses and other current and long-term assets
-$33.8M
-$17.5M
$414.0K
Accounts payable
$6.1M
-$2.0M
-$10.2M
Accrued expenses and other current liabilities
$3.0M
-$1.4M
-$4.2M
Income tax payable
-$2.3M
-$2.8M
$6.9M
Deferred revenue
$213.1M
$227.8M
$188.2M
Lease liabilities
-$5.8M
-$9.8M
-$6.9M
Other long-term liabilities
$2.5M
$246.0K
$956.0K
Net cash provided by operating activities
$1.4B
$1.1B
$911.3M
Purchases of short-term investments
-$3.1B
-$2.6B
-$2.7B
Maturities and sales of short-term investments
$2.1B
$1.9B
$1.6B
Long-term assets
-$29.1M
-$20.5M
-$26.2M
Net cash used in investing activities
-$1.1B
-$700.1M
-$1.1B
Proceeds from exercise of common stock options
$253.9M
$105.5M
$62.7M
Repurchases of common stock
-$169.9M
$0
$0
Taxes paid related to net share settlement of equity awards
-$93.2M
-$79.4M
-$78.9M
Net cash (used in) provided by financing activities
-$9.3M
$26.1M
-$16.2M
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
$919.0K
-$1.7M
-$1.8M
Net change in cash, cash equivalents, and restricted cash
Veeva Systems sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Peter GassnerFiled SC 13G/A on Veeva Systems, latest Feb 9, 2024 (3 filings since Feb 11, 2022)
Morgan StanleyFiled SC 13G/A on Veeva Systems, latest Nov 9, 2022 (2 filings since Feb 10, 2022)
Veeva SystemsPleasanton, California, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Veeva Systems reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We own our Pleasanton, California corporate headquarters, which currently accommodates our principal executive and significant portions of our product development, engineering, marketing, finance, and legal organizations. We expect that our corporate headquarters will support the overall growth of our business for the near term.
We also lease offices in various locations, including North America, Europe, Asia Pacific, and Latin America. We expect to expand our facilities capacity in certain field locations during our fiscal year ending January 31, 2027 and may further expand our facilities capacity after January 31, 2027 as our employee base grows. We believe that we will be able to obtain additional space on commercially reasonable terms. See note 9 of the notes to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for more information about our lease commitments.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
676 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 503 insider forms, 26 large holders, 79 other. The latest 20:
104 open-market trades by officers, directors and large owners since October 2021: 0 buys and 104 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 20, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Veeva Systems names in Item 1A of its 10-K filed Mar 20, 2026: 45 risks under these headings, as written.17
Risks Related to Our Business
If our security measures are breached or compromised or unauthorized access to customer data is otherwise obtained, our solutions may be perceived as not being secure, customers may reduce or stop their use of our solutions, and we may incur significant liabilities.
We face intense competition in markets in which we operate and if we do not compete effectively, we may lose customers and our business and operating results could be adversely affected.
Defects or disruptions in our solutions could result in diminished demand for our solutions, a reduction in our revenues, and subject us to substantial liability.
If our newer solutions are not successfully adopted by new and existing customers, the growth rate of our revenues and operating results will be adversely affected.
Our revenues are relatively concentrated within a small number of key customers, and the loss of one or more of such key customers, or their failure to renew or expand user subscriptions, could slow the growth rate of our revenues or cause our revenues to decline.
Our sales cycles can be long and unpredictable, and our sales efforts require considerable investment of resources. If our sales cycle lengthens or we invest substantial resources pursuing unsuccessful sales opportunities, our operating results and growth would be harmed.
Sales to customers outside the United States or with international operations expose us to risks inherent in international sales.
The migration of our CRM customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for customers and adversely affect our operating results.
Difficulty attracting and retaining highly skilled employees could adversely affect our business and efforts to attract and retain such employees may increase our expenses.
Catastrophic events could disrupt our business and adversely affect our operating results.
Acquisitions could divert our management’s attention, result in additional dilution to our stockholders, and otherwise disrupt our operations.
The other 34 risks
Changes in our senior management team or other key personnel could have a negative effect on our ability to execute our business strategy.
Our business could be adversely affected if our customers are not satisfied with the professional or technical support services provided by us or our partners.
Our estimate of the market size for our solutions we have provided publicly may prove to be inaccurate, and even if the market size is accurate, we cannot assure you that our business will serve a significant portion of the market.
Risks Related to the Principal Industry We Serve
Nearly all of our revenues are generated by sales to customers in the life sciences industry, and factors that adversely affect this industry, including mergers within the life sciences industry or regulatory changes, could also adversely affect us.
Our solutions address heavily regulated functions within the life sciences industry, and failure to comply with applicable laws and regulations could lessen the demand for our solutions or subject us to significant claims and losses.
Increasingly complex regulations relating to privacy, data protection, and cybersecurity are burdensome, may reduce demand for our solutions, and non-compliance may impose significant liabilities.
Incorporating AI in our solutions or other uses of AI may result in reputational harm and increased liability.
Risks Related to Our Reliance on Third Parties
We rely on third-party providers—including Amazon Web Services and Salesforce—for computing infrastructure, secure network connectivity, and other technology-related services needed to deliver our cloud solutions. Any disruption in the services provided by such third-party providers could adversely affect our business and subject us to liability.
We are currently dependent upon Salesforce’s platform for our Veeva CRM application.
We employ third-party licensed software and software components for use in or with our solutions, and the inability to maintain these licenses or the presence of errors or security vulnerabilities in the software we license could limit the functionality of our products and result in increased costs or reduced service levels, which would adversely affect our business.
Our solutions utilize open-source software, and any failure to comply with the terms of one or more of these open-source licenses could adversely affect our business.
Risks Related to Our Financial Performance, How We Contract with Customers, and the Financial Position of Our Business
Our historic growth rates of total revenues and subscription revenues should not be viewed as indicative of our future performance.
Our results may fluctuate from period to period, which could prevent us from meeting our own guidance or security analyst or investor expectations.
Our subscription agreements with our customers are typically for a term of one year. If our existing customers do not renew their subscriptions, do not buy additional solutions and user subscriptions from us, renew at lower aggregate fee levels, or early terminate their existing agreements, our business and operating results will suffer.
We may not be able to sustain the level of profitability we have achieved in the past.
Our revenues and gross margin from professional services fees are volatile and may not increase from quarter to quarter or at all.
Because we recognize subscription revenues ratably over the term of an order for our subscription services, our short-term results of operations may not reflect a decline in sales and may not be indicative of future results.
Deferred revenue and change in deferred revenue may not be accurate indicators of our future financial results.
Currency exchange fluctuations may negatively impact our financial results.
Taxing authorities may successfully assert that we should have collected or in the future should collect sales and use, value-added or similar transactional taxes, and we could be subject to liability with respect to past or future sales, which could adversely affect our results of operations.
Unanticipated changes in our effective tax rate and additional tax liabilities, including as a result of our international operations or implementation of new tax rules, could harm our future results.
If we are unable to implement and maintain effective internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports.
We have broad discretion in the use of our cash balances and may not use them effectively.
Risks Related to Our Intellectual Property
We have been and may in the future be sued by third parties for alleged infringement of their proprietary rights or misappropriation of intellectual property, and we may suffer damages or other harm from such proceedings.
Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand.
Risks Related to Our Status as a Public Benefit Corporation, Our ESG Disclosures, and Ownership of Our Common Stock
Our status as a Delaware public benefit corporation may not result in the benefits that we anticipate, requires our directors to balance the interest of stockholders with other interests, and may subject us to legal uncertainty and other risks.
Evolving expectations and disclosure requirements related to environmental, social and governance matters expose us to risks that could adversely affect our reputation and performance.
Our common stock price has been and will likely continue to be volatile.
Our share repurchase program may not enhance long-term shareholder value.
We do not intend to pay dividends on our capital stock for the foreseeable future, so any returns will be limited to changes in the value of our common stock.
Provisions in our certificate of incorporation and bylaws and Delaware law might discourage, delay or prevent a change in control of our company or changes in our management and, therefore, depress the market price of our common stock.
Our bylaws provide for exclusive forums for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
Legal proceedings
From time to time, we may be involved in legal proceedings and subject to claims incident to the ordinary course of business. For information regarding certain legal proceedings, see note 13 of the notes to our consolidated financial statements, which is incorporated herein by reference.
Although the results of legal proceedings and claims cannot be predicted with certainty, we believe we are not currently a party to any legal proceedings, the outcome of which, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows, or financial position. Regardless of the outcome, such proceedings can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained.
